The $14.5 Billion Dollar Advantage

A new study by the Institute for International Education finds international students plowed $14.5 billion in to the U.S. economy in 2006-7.  Allan Goodman, president of the institute told the New York Times that the U.S. Department of Commerce lists education as America's fifth-largest service export, and that international students contribute about $1.5 billion to New York City's economy - more than all its sports teams combined.

Think about all those cities, states and regions throwing their money away on sports arenas. Now, imagine using those funds to attract and retain foreign students.

And that's just the direct impact in the here and now.  Foreign students add immeasurably to America's technology capabilities and have been the force behind a large and growing share of high-flying start-up companies. The real payoff - which is sure to be in the hundreds of billions - is downstream.

Comments

[fred]

Imagine if Seattle / King County had invest the $1 billion they put into two sports stadiums into a scholarship endowment generating $50 million a year. Enough for 2,000 - $25,000 a year scholarships to attract the best and brightest from around the world. I suggest cities also consider offering scholarships to attract high school students to local high schools. Usually you can find parents of students to provide room and board so that maybe $5,000 might bring a creative high school student to town who would consider returning to the area for college. And think of the benefit for the local students to have international contacts.

[daver]

My gf came over and worked at a summer camp on a summer job visa then eventually stayed in the U.S. to get her undergraduate and then graduate degree and is now working for JCI here in Milwaukee.

So yes I definiately believe cities should be creating programs to recruit students internationally and that they can tie these programs to the summer work programs that many international kids/students come to the U.S. every year. I actually wrote up some of my thoughts on it and what I think my city, Milwaukee should ... I'm curious what you think of my thoughts http://thereidplan.blogspot.com/2007/06/athens-of-midwest.html